Superior Uniform Group Inc. Reports Operating Results for 2013
Net earnings for the fourth quarter of 2012 included a non-cash, pre-tax intangible asset impairment loss of $1,226,000 to write off the remaining balance of the intangible asset associated with the licensing agreement with EyeLevel Interactive North America LLC. After tax, this charge resulted in a reduction of 2012 earnings per share (diluted) of approximately $0.14.
Michael Benstock, chief executive officer, commented: "We are very proud to report these tremendous increases in our earnings in 2013. We have been working diligently for some time to lay the foundation that made these results possible. 2013 was a breakthrough year for our company. We were able to complete the acquisition of HPI midyear after a relentless pursuit of almost four years. Following the acquisition, we have worked with HPI management to insure that the acquisition did not create any disruption in the service that was provided to customers. As a result, HPI has continued to maintain and build upon the momentum that started prior to the acquisition. They are positioned to continue to provide significant growth going forward.
"Following the acquisition, we have been able to focus the remainder of our Uniforms and Related Products segment's sales force on our other core markets such as health care while allowing HPI's sales force to continue pursuing their markets. As a result, we were able to streamline our sales force while still achieving solid net sales growth in this area. We look forward to continued solid growth from these markets as we move forward.
"We also continue to see remarkable opportunity and net sales growth in our Remote Staffing Solutions segment as well. In a relatively short period of time, we have developed a very strong organization with a tremendous culture that is committed to providing excellent service to our customers and that is positioned to deliver substantial sales and earnings growth in this segment for the foreseeable future.